Flipkart CEO Resigns After Misconduct Allegations

November 14, 2018CrainMedia

The first executive casualty of the $16 billion blockbuster deal in which Walmart acquired Flipkart is Binny Bansal, co-founder and CEO of Flipkart Group. In filing with the U.S. Securities and Exchange Commission on Tuesday Walmart said Bansal is stepping down after recent events risked becoming a distraction.

“His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct,” Walmart noted in the filing.

While Bansal denies the allegation, Walmart said it has the responsibility to ensure the investigation was deliberate and thorough. The investigation did not find evidence to corroborate the complainant’s assertions against Bansal, but it did reveal other lapses in judgment, particularly a lack of transparency, related to how he responded to the situation. MORE